IA Charitable Company Llmit•d by Guarantsg) Annual Report and Financial Slatements For the Year Ended 31 October 2025 Compgny Numbfrr. 119053532 Charfty Regi$t•fed In Engl•nd and Wal0¥ Number. 1158791 The South Wesl Hfyritsgg Trust Contents For the Year Ended 31 Oc*ober 2025 Reference and Admnistrative Delals Trustee Directors, Repcyi 2-13 Independent Auditors. ReF 14-17 Consolilated Stalemenl of Fina￿la1 A(thibes 18 Balance Sheet and ConSol￿al¢d Balance Sheet 19-20 Slalement of Cash Fkms arrfl Consolthted Staleff*nt of Cash Flow$ 21 Notos lo Financial Slatements 22-51 The South West Herltage Trust Reference and Administrative Details For the Year Ended 31 October 2025 Trustee Dlrectors Re¥. P M Beatham A Carril Cllr S Clist G L Cravj Prof. H R French D H Gwyther J Loader S V Maberlo1 Ll Col. M J R Motum (Chair) l Thomas CY S A ￿ndsor air A R Wyke Prof. A Zalewska Senlor Leadership Team Chief Ex8¢Utive Off S Astill Head of Finance & Govemance P Gardnei- Harper Head of Deveknpment and Partnership D Edgar (from 20 January 2025) Head of Somerset Archives & Lccal Studies E Hoyle Head of Devon ArthNes & Local Studies S Pettitt Head of Museums E Gilt*rt Head of Historic EnVIro￿nent Ser4ices B Croft Charity Number 1158791 Cornpany Number Prlnclpal Address and Reglstered Office So￿Ersel Heritage Centre Brunel Way Taunton So￿[$et TA2 6SF 09053532 Audltor8 AIHI Goodrron LLP GoodwcKMJ House Bla¢kbrook Park Avenue Taunton Somersel TA12PX Bankers Natwest 26-27 FoKe Street Taunton Somerset TA1 1JQ Sollcltors Bates Wells Braittrmyaite 10 Queen Street Place London EC4R 1BE prod￿ed by Abert Goodman LLP Page 1 The 8¢)uth West Herflage Trust Trustee Directors, Rek For the Year Ended 31 October 2025 The Trustees, who are alw dwectots for the purrA)ses of the Companies Act, wesent their report and the financial slalernents of the the year ended 31 October 2025, which are also prepared lo meel the reqiirements a dire¢lors' rep(¥t and accounts kn c(Th￿leS pwy)ses. The financial slaternents have been prepared in accordance with &counting poli¢ies set out in note 110 the fina)cial statements and ¢(NnPty with the Charities Ad 2011. the Companies Act 20C6. the Memorandum and ArtI￿S of AssocialKJn. and Accounting and Repth"ng by Charities: Statement of Recommended Practice applrable in the UK and Repu￿￿ of IreL￿d IFRS 1021 {effedive 1 January 2019). The ful name of the Charity ts The Soulh Vlest Heritage TNst. It In¢orporaled on 22 May 2014 as a company limited by guarantee. Ils company regisiration number is OW53532. Ils charity registrat￿n number is 1158791. The Charity is variousty Teferred to through(Mrt this rq)ort as erther tthe Char￿, Ihe Compwy. or'lhe Trusl". References and Admlnbtrative Detalls Adn¥nistr81ive *fftirmatK)n is given in a sep* wtwJn at tt)e front ofthese acwjms. Dlrectors and Trust¢•s The directors of the Cornpwry are the Chanty's Trustees the wrFrt)se of ¢h•ity law and Ihroughwt this rewrt are collectivety referred lo as the Trustees. The Trustees serving during the year and Sin￿ the year-end are as folkw￿. Rev. P M 8eadwn A Carrlto Cllr S Ch'st G L Craig Cllr A t)avi$ Prof H R French D H Gwylher J Loader S V Materl Lt Col. M J R Motum (Ch*r) l Thomas A M D SmalKvood Cr S A Wndsor Cllr A R Wyke Prof. A Zalthvska {apwnled 23 Octobef 2025) (app(Mnled 17 Juty 2025> (resvJned 17 Juty 2025> (appointed 23 Odober 20251 (resigned 24 Awil 2025} None of the Trustees have any benef￿81 interest in the Lompany. Ml of Ihe Trustees are IT￿l11b￿r￿ ul Ili¥ Company and guarantee lo contribute £1 in the event of a winding up. Prtvljced by Ajbert Gw(knan LLP Page 2 The South West Heritsge Trust Trustee Direetors. Report For the Year Ende(131 October 2025 Patron$ The Trust is fortunate to have as Patrons three peo* who are profflnenl in the cx)mmunriies of Son*rsel and Devon.. - Lady Gass, DCVO - Mr David Fursdon. Her Majesty's L￿￿LleUtenarrt of tknion - Mr8 Anne Maw. CVO STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution and F0M￿tiOn of the South West Heritage Tntst The South West Heritage Trust vested on 1 November 2014 as an independent company limited by guarantee with Charitab￿ status. The c#)mpany is governed by tts menv)randum and artIC￿S of association. Ils charrtable objectives are set out in the Artides of Association as follows". the advancement of educat￿n. the promolK)n of arts, heritage. cufture and Scien￿ including by the preservation and safeguarding of such laNJ. buildings. structures. archaedogy. obj'ects, records or books 8s may be of hisloric or educational interest or signtfican¢e: and to provide ￿ assist in the provbsh)n of facilities in the interests of social weWare for recreation or other leisure time occupation of indNiduals who have need of s￿h facilTiE5 by reason of their youth, age, infirmity or disabilty. financial hardship or social Circumstan￿ wth the object of Imwoving their conditsons of life. The Trust ha$ the h8ritsge servti responsibilities prev￿U5}Y carried out by Somerset Council {fomerly Somersel County Counol) comprising the Archives and Local Studies, Museums and Historic Environment SeNices. and Oevon County Council compriwng the knhives and Local Studies Services. A subsidiary trading cornpany. South West Heritage Trust Trading Company Ltd (registered company number 09222720). was also formed on 1 November 2014. The legal agreements which underFMn the operation of the Trusl are the Transfer Agreements, Grant Agreements and Collections Management Agieemenls beh¥een Sometset Council and the Trust and Devon Counly Council and the Trust. The Trust demonstrates its Independen￿ in line wth Charty Commission guidan￿ as set out in RR7. Organisational Management The Board of Tnjstees meets on a quarterly basis to discuss the progress of the organisation and to agree strategic direction. A Chtef Executive Officer is apwnled by the Tnjstees to manage the day-l(>day operation of the Trust and lo provvje leadership and direction for the Imp￿rrents1￿)n of the Business Plan. Three Trustee coMm￿eeS quarterty to examine and deal with o)nwlex issues of the Charity. wth powers to exercise authorty where this is de￿ated by the 8oard' The People Committee deals with a51 issues relaling to human resources, terms and condition5 and remuneration for all staff employed by the Trust (ex￿p1 the Leadership Team). The Audience Engagemenl ConNnrLtee deals with the Strateg￿ direction of marketing, PR and communications as appropriate. The Finance Committee reeeives ￿pOrtS on income and expenditure and related activities to monitoi financral stabihty and progress againsl the Business Plan. Produce>J and imp&X. inf0M￿￿n a￿ul &tions ￿¥j controls n place lo manage risk. Risks indude those whith are finan&al. operatK)nal or repUtat￿nal or that woukj ott)eA¥is8 be of C￿cern for the future of the charity. The Trustees are salisfied that the charity 1$ a going concern and that key risks are being adNety and appropriatety managed. STRATEGY AND ACTIVfflES OF THE TRUST Slrategy The Trust's new fve-yew strategy. 2025 to 2030. f￿Se5 on three map)r oulcomes.. Supporting People and Conmnunities.. wu supwl. enWJw￿ and enrlch peLWe aTrJ communities. Protecting Our Herrtage: We will preser￿, Wol￿t aThJ enhm our h￿￿age, keepwig il safe aTh accessa)le now and in ts future. Building a Thriving Trust.. We will develop our idenlty as a leading TegM)nal chanty and heritage business lo increase our impact and drive our growth. The strategy is SUpp￿ed by the folowing dOcUn￿ts. Business Delivery PL4n Audien¢e Deveknpment Strategy Equalities Slralegy and Adion Pl Produced by Albert Goothnan LLP Page 4 The South West Heritage Trust Trustee Directors, Report For the Year Ended 31 octob￿ 2025 SeNlce Areas Through our Pluseums 5ervlce we run three Accredited Museums - the Museum of Somerset and Somerset Military Museum in Taunlon and SorrErset Rural Lrfe Muswm in Glastonbury. We manage the Brick and Tile Museum in Bridgwater. Avalon Archaeology at the Avalon Marshes sile near Shapwick. and provide curatorial support to Weslon-super-maie Museum. Three mdlion muse¥Jm objects, rangin9 ffom outstanding geological. Iron Age and Roman collections to textile$ and fine art, tell the story of Sornerset and the South West. We are the major custcxjians of written ev•Jen￿ a￿ul Devon and Somerset. Our Accredited Archlve and Local Studies Servi¢es hwe ￿nIreS in Tauntryi Exeter ￿e VE care for 10 millic archives datiro from the 8th ￿ntlry to ts wes&rt d￿. 2CQ.Cm printed refere￿e wod¢s alxyjl South are ￿￿1 in ts LcThl Stu(lies collectior￿. ￿ a￿0 the arch￿ S￿CeS behalf of the unitary aUthorit￿S of Nkyth S(x￿Set T(xb3y. (Mine ￿ is thrcmjgh catalcgues and ir)dexes. a￿1 thousands of peo￿ ￿ our (thgilis&l TeSCwr(￿ VIÈ are *rylorvJ to yeS￿e make avaiLgble dgitsl archi￿. r Hl$torlc Environment and Estates Servlce swptyts I￿1 aut1K¥I￿. twtws a￿1 the by offering planring-relaled advice and inf0m￿tIon about Somerset's archaeology and built heritage. We also ganisation and are regwsible fLY cNer 41X) aues ￿ historic ￿￿￿oPe5, Ir￿￿1￿j Cdwstone Hill in the Quant(** FI1￿, ￿ Le4) in ￿ K•EThJip arKJ Ncyton Fitr•rrn ￿lIf(￿ Our Learnlng Servi¢e tYOVKle5 oFrthunrtÈs ts Fw4e of all ageg. inducfing tFThe wth leaming cthsabilibes or affe(tsJ ty danentia. Cher 10.(KXI thildren part￿pate e￿h year in ￿h0￿@ for Key Stages 1 and 2 make autt￿tiC ￿ 0tr4&Xs ￿lIable to sdKX)Is fcf use in the dassrcx)m. Partn￿Ship woject$ to enh￿￿ *niThJ t* F4&e schx4s further higher eduration institutions. r 0rganisatTran￿ cultLMè i8 one tcNFtrw as a SrmJ￿ T￿￿t to provK* dIVe￿e heritage sen11￿5. To achieve this. we rety on our staff a￿1 vdunteers, cw Fri￿ organisations, our Supporters and partners. and all those who champion our work. Our servw are funded by c￿e grants from Devon County Council and Somer$et Council, by a Wmle range of contracts and by commercial actrvity. We also raise new income and attrad grant investrr*nt from generous funders. ACTIVITY REPORT Highlights and achlevements Conloxt The period under revie•V has been characterised by signthcant progress in strengthening the Trust's financial position and laying the foundalions for bng-lerrn suslainabilty. Major success was achieved through external funding. induding an award from the ACEIDCMS 'Museum Renewal, Fund totalling more than £500.000 and more than £990.000 secured from the National Lottery Herrtage Fund towaids the Chew Valley Hoard Project. These investments place the Trust in a strong lo deliver ils strategic ambitions arKI support future growth. The Chew Valley Hoard Proied has remained a central organisalional priority throughout the year. with su￿Ssful progression from development lo delbvery phase. Alongside this. work has continued to explore opportunrties to bring a nationally significant hist(K￿ site into publ￿ ownership. in partnership wth Somerset Coun￿1 and other stakeholders. Produced by Albert Goodman LLP Page 5 Th• South West Herltsge Trust Trnstee Directors. Report For the Year Ended 31 October 2025 The Trust has also undertaken I￿￿)rtant Strateg￿ work. induding the fnalisalion of rts new Strategy and mpanying Business Plan. continued preparation ￿ the noxt Arts Council England National Portfolio round, and the Intr￿JuCtion of n&v apwoth to aud￿Ce segmenlatbjn and programming. These initiatives are helping to build a ffb)re dala-inf0rn￿d ar￿ comThroalty fOa￿d organisation. Performance across the Trust's stles and services has remained str¢mg overall. with high levels of engagement across reaming. archNes and pUb￿C programmwig. ￿lIe some areas, induding visitor numbers at Trust sites. p￿sent ong¢ing ¢halkw. this has sharpened fwjs on rrtogramming, audien¢e devekspmenl and future inVeStm￿t. The Trust Continues to work in ch)se partr*rshw with Somerset cou￿11, Devon County Council and a wi¢Je range of local nati¢)nal ¢)rganisations. These relationshys reman critical to delivery. resilien￿ and irrpact, supporting the Trust's rde as a leadmw regonal henlage ￿ganIsatiOn. Ar¢hlv•3 and Local Studie Oelivered a wid&rangNw ol onsile and outrexh enwenwt, widuding xhool workshops. talks, exhibition$ and c(Mnmunity events acTOSS S(xrerset and Devon. Engaged young peop￿ through innovative propcas. induding cdlaboration with Oaklands Community Primary School to cweale exhikntw)n content ￿ the Second World War. Maintained strong publrc engagement through events suth as Coffee fin* Talks Discovery Saturdays, Silent Book Club sessions faM￿Y hL%tory V￿rkShOpS. Completed and advwKed maTr)r ¢aah>3uing and cc4thtions wo￿, ￿cluding over 50 new accessions in a Sing￿ quarter and contin￿1 progress on large-scale ￿talogUIng projects. Supported sgnifunl dvJilisation activty. including the Old Beaford Archive proi8ct {over 7.000 images) and ongoing ingestion of eA)Ileclions into digrt* preservatM)n systems. Progressed the Somerset County Councl ArthNe Calabguwig Propd. with 4￿1 boxes Completed. imw)vw)g bTrJ-lemi a¢xess to a major publi¢ collection. Delivered the 'Sounds of the South West. engagement programme, woTkin9 With thls. youth Iheatre groups and care settings lo bring *chive material to nthv aUdIer￿eS. The Dev(m Axchives and Local Studies ser¥￿e received a grant of £178.579 from the National Lottery Heritage Fund to preserve and proff*Xe the Isca Photographic Collect￿n. a unique visual re¢ord of 20th-cenlury Exeter. Expanded vdunteering ￿lmty, induding over 4(X) houts of rerrN)te volunteering L¥l transcription projects arKI the ffjcruflmenl of new volunteers. Supported high-profile partnerships arKI propcts. induding exhiblM)ns al Ihe Museum of Bamslaple and North Devon and collatwtion with Beafofd Arl$ and the BBC. Secured new acquisilims aThJ SUFVOrted fundng bKls for svJnificant collection items. strengthening the long-temi developm￿1 of the thkctions. Produ¢ed ty Albert Goodman LLP Page 6 The South West Heritage TnK4t Trustee D1￿Clo[S. Report For the Year Ended 31 Oclober 2025 Learnlng Maintained strorKJ demand for fomial thming serviw. with over 11.8￿) pupils engaged in workshops across the academic year to date, ak)ngside contirtued high level$ of outreach delivery. Delwered a balanced p¥ogramme of onsite and OU1￿aCh workshops. with outreach continuing to represent the strongest area of demand. Sustained engagemenl through the ACE funded 'Museums and Schools, progr3mme, including delivery in hospilai settings and targeted WQTk with chikjren and young people facing barriers to a¢￿SS. Expanded partnerships with organisations induding Tate St Ives and NHS Somerset to support knowledge exchange and reach new audienc￿. Ach*ved full Subs￿lp￿0n for the 2025126 leamiThJ programme. with 55 sthools enrolled and strong forward booking across the acaderrri¢ year. Delivered Specialist w0￿$hoP$ linked lo exhibi￿￿$ and seasonal programming. supporting curriculum learning and crealpie engagemenl. Commissioned an extemal re¥￿ of the F￿n￿l Leaming Service to assess ils loNJ-temi sustainability, delivery model and future development Opportunit￿S. Maintair￿ a stiong focus on Inclu￿On, wrth targeted support I￿ Special Educational Need$ and thsabilities (SEND) audiences, high pupil prpmium sCho￿S and young people in healthcare settings. Hiitork Envlronment and Estates Supported the completion of Ihe Quantcx* Landscape Partnership Scheme, delivering a long-len legacy through the eslablishmenl of the Quantod( Heritage Group and continued community engagement. Progressed plans to bring a nationalty signffitsnt historic site into public ownership, working in partnership with Somerset Council and other slakehokjers. Continued delivery of archaeologul advts, conservalky) work and heriiage management across Somerset and the wider region. Advanced caprt81 planning and estate improvements auoss the Tru51'5 sites. including collaboratkryn with Somerset Council on a programme of investment works. Delivered con5etva*ion and repair projects. induding WO￿ on the Martet Cross at Evercreech and ongoing impfovements at Beckery Chapel Field. Maintained strong engagement in cornmunty archaeow. training and oulreath a¢liv'ty. 5UPPOrting local parttapalk)n in her¢tage. Continued statutory re5ponsibililies in maintaining and developing Historic Environ￿nI Records. alongside seclor leadership and advccacy work. Museums Delivered a dNerse and engaging programme of exhibitions. event5 and activities across all museum siles, maintaining strong public eng4ement throLFghout the year. Sustained a successful programrne of famity a¢bvities. eaty years sessK)ns and seasonal events, including well-allended holiday programming. Continued development of Avalon Archaeology. inck&ding INe interpretation events, workshops, school visits and the ¢ompletion of the Roundhouse reconslruclion. Produced by Albert Goodman LLP Page 7 The South Wesl Herftage Trust Trustee Directors. Report For the Year Ended 31 October 2025 Delivered targeted engagement prOgr￿me5 in parlnwship with organisatw)ns including Mako South West arKI the HeribJe Crafts Association. Expanded inclusive pwrammng. induding pilot ￿lMty fLY fwn11￿S with chikyren with autism and partnerships with Specbal Ed{￿lIC￿al Needs (SEN) scl)r*)Is at the Son*rset B￿k and Tile Museum. Slrenglhened partnershp working vmh thal authorit￿$ and organisations. induding Yeovil Town Counc41, Taunton TThvn C￿nCil and Sowwset Art Wofks. Secured fvnding lo sUp￿rt new audi￿ engageff￿t iniliallves, activty in Bridgwater and outreach inio C0Th￿nitY seltiws. Mainlalned a strong programme of talks, tours and Wb1￿ e4ent$. induding themed ￿tIvitY link￿ lo national commemofalths such as VE Day. Continued lo develop the commer(ial and operati￿4 of ￿￿SeUM semos. SUPWed by wider ￿ganIsat￿al work on aThJ sustainablty. Exl¥bldon• Museum of Somerset 'Chan¢e Encounters.. The Art of Rxhet Rel￿111, _ an exF¥bition highlighting the work of 20th ntury nTrxlernist artist who lived and worked in West Somefset for over 60 years. 'After Sedgemoor. Remernbertng the Monmouth Rebellion, _ a maN)r exhibit*)n marking the 340th anniversary of the rebellion. fe*uriThJ natiO￿ty s•3nffi¢ant k￿S and attwling regional and nali?nal media coverage. 'Wlowl Arnazing SCIen￿ in Chldren's B(#Jks' _ a f￿ty.fCCJ5ed exhibrtion combining artwork, interactive ekm8nls and hands-￿ leamiry to engage youThJer audiences. Somerset Rural Ufe Mus￿m 'Geof&ina TovAer. In Not Kn(wing One We're Wlhout Anotherf - a sellNw exhiTritknon that explored the relationship belween space. light and cokmjr InS￿r￿j by the Somerset ￿ndSCape 'Slrength and Resilienee". Somerset llkynen in the Second Wodd Warf - an exhibitron exphjring w(Knen's experiences through FknotC*Jraphy, film and archbval rnaterial. 'Tractored by Beetles, _ group exhibition inspired by rural landscapes, featUr￿￿j contemporary artists working in the SLKrth West. 'A Lrfe Outside.. Hope Bourne on Exmoof - a major exhibition celebrating the life and work ofwriler and artist HO￿ Bourne. developed in partnership with the Exmoor S￿iety. Weston Museum 'Welcome to Weston-super-mare, _ Mid-20th Century Photographs by Les Sandys. who worked in the family photography business, Sandys Photographic Services. 'Des￿nIng Terry Pralchett's ￿'S¢wortd. _ a major touring exhibition showcasing original artwork from Paul Kidby's long cdIaborat￿n wilh Terry Pratchett. 'A Decade Since Oismaland: Photographs by Bary Ca￿on' _ a celebration and Ic#)k back al Bank5Ys Disrnaland through a diway of Barry CawstQll li ￿￿1¢￿tap1]S and a small selection of mewmbilia. PrthYu¢ed by Albert Goodman LLP Page 8 Th• South West Heritage Tntst Trustee Directors. Report For the Year Ended 31 October 2025 Partnershlps and Sector Support We have continued to provide supwrt to a wide range of organisations. We are an active participant in the South West Museum Development Programme and employ a fvll-lime Museums Development Off￿er. The Programme supports over 30 (y)mmunity museums in Somerset. offering advice and guidan￿ about furKJing, training and cooperalwe projects. In partnership with the British Museum and Local Authorities in Devon. t)or5el and Somersel. the Trust provides the POrtal￿e Antiquit¢es Scheme in the thw counties. The number of finds reFQrted remains largely consistent Ihroughwt the ye¥. The Tru￿ continued to work ck)sety with V4eston TcA¥n Council to provK18 ¢uratorial support and temporary exhibitw)ns programme for Weston Museum. We look after the Archives of North Somerset Council and Torbay Council and are the desgnated repository for the Diocese of Bath and Wells and Diocese of Ex8ter. The Archives and Local Studies Services in Somerset and Devon are engaged with nwny partnership projects invofving many community groups, sweties and larger organisations induding Bamstaple Council and North Devon Athenaeum. The Histor￿ Environment Service advises the Bath and Wells D￿Cesan Advisory Committee and provides heTilage4elaled planning adV￿e to sO￿￿rset Counal and to Balh and North East Somerset Council. It publishes the Somersel ATchaeoltyJical Handbook whth is the cenlral referen￿ wnt for developers, advisors and Local AuthoritEs. FINANCIAL REVIEW AND RESERVES POUCY iknrestricted ir*>Jme in ￿ year total￿￿ £3,614.031 (2024.. £3.525.6311 arKI restncled inc4JffE £1.618,493 12024.. £5.127,052). Total exFerKliture VAS £4.652,360 (2024.. £8,474.￿). of v•hth £4,542,855 (W/o} (2024.. £8.401,456 {W/ol) was for charitaNe rwroinder vras rasirKJ funds Pension #chemes The Trust operates defined ￿nerrt (final salary) schemes for employees who were transferred from the Local Govemmenl Pension Schemes ILGPS) of erther Devon or Somersel County CcMJncils. Details afe given in notes 1.15, 1.16 and 17 of the accounls. The LGPS schemes are reviewed lriennially to set the Trust's pensK>n contribthk￿ rates for the following three years. Boih schemes are subject to an annual actuarial valuation which fealures in the Statement of Financial Activities and the 8alan¢e Sheet. This valualiors experiences s￿nif￿an1 annual volatilily. In 2025 and 2024 a nil balance was fowast. due to hKJher assumed mortalty rates and a fall in life expectancy. Any actual deficit will only become payable when the final membei leaves the relevant scheme. a date currently expected lo be more than 25 years away. The deficri would then be likety to be repayable over long period of years. The total pension fund value is indemnified against the p)ssibility of the Trust's dissolution. Slaff who have entered Ihe Trust's employment since rt vested in 2014 have the right lo be enrolled in a defined contribution scheme {NESD. The Trust pays a fixed monthty contributKJn into the scherne but has no further or future Ob[￿jatiOns. Pioduced by Albert Goodman LLP Paye 9 South Wost Herltage Trust Tnjstee Oirectors, Report For the Year Ended 31 Oclober 2025 ReseThes The Board of Trustees agreed a Resep4es Pofy in September 2015 and have ¢>)mmitted lo reviewing th8 policy in the coming yew. It states that 'lhe tsrgel provision of reserves shoukl meet operalional costs for three months. and Sh￿&1 be &hieved by 2W25. The larget is equr*d18nt to unTestri(*d reseTve5 of apwoximaldy £7(M)k. Al year end the reserves. exdudiTrJ the kxw-temi pension reseThp. were as folhy+4s: £'ooo Unrestricted general fjjnds Desynated funds Restricted fwKIs 703 625 Most of the Trust's reseNes are cash or other cu￿nI assets. Onty £134k of fixed assets are re¢tyJnised on the Balance Sheet. Ma￿r Income Sources partKur￿. tIE finarKa71 afKI olher SL4Wt FY0￿ ty S(￿￿￿et CAJrKal Ctsjnty Council is fvndamental lo the Trust's success and allows it lo ￿lebr*e. preserve and make accessible the r￿rkab￿ Iwitage tm) CoUnt￿s. ￿ V4rwkJ l*e to eyw Lxx thanks to Ixxh Iccal aUt￿￿TtleS for their ts)ntirwBJ SU[p￿. In TrLEt year ￿l￿1r￿J 31 ikntw 2U25. the (xjre gants fr(￿ the CcAmcils a¢oxInt￿ £2.(53.5T2 of the Trust's total incofft of the inc£nE. 39% of tre tc inm). Pknrtage FuThY British MuseLWll is reL¥Ked f(r se￿1￿ provid￿1 to Ncxth erset Counal, InÈsioTr&per-Mare To•m C(A*Kg1, T(xbay aThJ oiher& Tre Tr￿￿teeS 81so Trad￿ Income and Fundralslng The TTusf$ inc(Yne derives mainty frofn grants and from contracts for the wovision of services. Traded actNilies are undertaken ￿OsS all service ￿eaS and ¢ontrilyJte swJnfficantty to Trust turnover. We encourage donatw)ns. and &J￿$S￿)n fees a￿ tharged at sites and for events. Traded activity is mana￿d through South Vlest Herrtage Trust Trading Limited. a whofiy owned subsidiary of th8 Trust. It generat￿ a profft of £87.002 during the financial year. Details of trading perfonronce are contained in Note 10 of the accounts. and a separate set of accKJunts is IThluc￿ annualty. Four Trustees are the registered Dire¢lors of the trading company. The Trust is Obl￿ed to compty with the Charl￿S (Protection and Social Investmenll Act 2016 and lo provide siaiemenls on specific areas of fundraising In the annual rewt. The Trust accepts both dKJilal and cash donaliolls on its publ￿ sites and through carefuNy nb)nitOTed xtivittes such as its Supporters. Schetne. 11 does not engage in large-scale putrAic fijndraising campaigns or undertake door-to-door or private sile fundraising. The Twsl does not engage third-paty membership or donation solicilalion agencies. As a resull. il 114¥ I￿1 L)een necessary to monilor Ihe bchaviour of. or inv8slvJate a complaint involving, a thrd-pJty ading on the Trust's behaf. Produced by Albert Goodman LLP P￿e 10 South West Heritage Trust Trustee Directors, Report For the Year Ended 31 October 2025 The Trust has not bouThJ itseff to any voluntary scheme for regulatwvj fundraising has receNed no complaints aboLrt any fundraising aclivty rt has undertaken. Looklng Fo￿ard The Trust has sel a balan￿d budget for the financial year to 31 Ctlober 2026. The Trustees are aware of a number of longer-tenn budgelary challery that will need to be carefvlty managed in fvlure years. induding.. the need to maximise tr￿led incorne.. the financial p￿$s￿re5 affecting k)cal authorityès and the impad of L￿al Government reorganisation. an uncertain econom￿ environmenl", increased inflation affecting many key supplies and seryices." the need to continue to win grants to carry out Charitab￿ objedives, our vision and our mission. The Trust's prioiities futUTe years are set out in its rO1￿.ng Business Plan. They reftect the outcomes around wh￿h the Trust's five-year strategy is ￿rUctUred. PUBLIC BENEFIT Soclal 8enellts Our services ar& major Contributors to personal wellbeing and a sense of place. We aim for our servi￿5 to accessible. to address issues of diverwty and to promote and enable equality of opportunty for everyone. Our large community of knowledgeable and ded￿ted volunteers are crucial to what we do. Volunteering also contributes direct￿ lo peop￿'S physÉcal. emotional and mental wellbeing. We seek to ensure that volunteering takes place in an environment which is inclusive and supports and respect5 the need$ of indivtduals. Experienctng heritage enhances wellbeing and brings people logelher. wheiher through learning activities for d)ildren, access lo inswralionai art and exhibrtN)ns. the discovery of family or communty history, demenlia-friendty reminiscence sessions or visiting a lands¢ape site. Economic Beneflts We are significant contrfbulors lo the IrKal ec(￿Ory. fostering t¢)urism. research. and the cuStural and c￿ative industrles. Our museums are major tourist destinalicmis in sO￿TSet, attractiry new Visbtors and activety pr(Mnoting the county. The Museum of Somersel alone is estimated to provide £2.3 million of economic benefrt lo Somersel from 90.cwX) visrts in a typical year. The heritage centres in Exeter. Bamstaple arKI Taunton attract researchers from the focal area and around Ihe workl. Our herrtage landscape siles have many tens of thousaTrJs of visitors year and actively contribute lo individual wellbeing and th8 Ic￿1 wx)nomy. We prioritise local Servi￿ and eMI￿OyMent t*there possible to ensure tt￿1 we support our k)cal economy. We are always seeking new source5 of incOff￿ through Ihe provts￿n of commercial seN￿S and traled activities. The profits we generate are reinvested to increase the public benefit we provide. Produced by Albert Goodman LLP Page 11 The South Wut Heritage Trnst Trustee Oirectors, Report For the Year Ended 31 October 2025 Envlronmentsl Sustalnablllty The Trust has adopted an Environmertal SL￿en￿nI and klK)n Plan. Our sites. induding Iwo Grade I listed buildings and a V￿torian famthouse. are managèj carefiJNy to ensure thal their envirorffjenlal ￿￿tprint is nimised. have undertaken wryk lo make Ihe slrongrcrt)ms at Somerset HerFtage Centre more energy efficient. We are committed lo local wrxuremenl wherever p0￿ble to suFyort the eo)nory and livelihoods of people in Devon and Scfftrset. Thi$ helps us to r8duoY our carbon f￿¢prI￿. The Histor￿ Environment ser¥￿e wcrfks to enswe that deveknpers in s￿Set operate ethically In relation lo the county's ￿lIt herrtage and ard*ology. The Servi￿ seeks to wote¢t and promote the historic environment as an essential compcment in making communitses econcwnicaly and environmenlalty sustsinable. The Trust manages over 4￿ acres of herit*J& landscape sites across Somerset which provKle open- access enioyrnenl to the Wb1￿. The siles also offset 25% of the t(lal carbon émissions produced by the Trust. Stalernent of TnMtee8' Responslblllll The Trustees (who are diredws of The South Wesl Heritage Trust for the purposes of company law) afe responsible for preparing the Trustee Direct￿s, Report and the finan1￿ statement$ in acc(*dance with applKable law and United Kingdom Accountw￿ Standards. Inc1￿lIng Financ￿1 Reporting Standard 102, the Financial Remrting Standard a￿Kable in the UK and the of Ireland (Uniled Kingdom Generally Accepted ACc￿ntIng Praclice}. Coftyany law requires the Tntslees lo prepare financial statements for eath financial year which grve a true and fair view of the stale of affairs of the tharitable cornpany and the group and of the income and expenditure. of the charrtthe group for Ihat period. In prepwiThJ these f4wicial statements, the Trustees are required to.. Select subtable aC￿untIng ￿h.cleS and then appty them c(msistenUy: Observe Ihe method$ *KI princtples in the CharrtJ"es SORP." Make judgements and xcounting estirnates are reasonabfe and Fxudent; Slate whether appl￿ble UK Accounting SlarKlard have L￿n fo[kne￿. subject lo ary rnaterial departures disclosed and explained in the finanoal slatenEnls. and Prepare the financial sts1eff￿nlS on the gO￿g concem basis unlass it i8 inappropriate to presume that the charrtable ¢c*npany wdl (rjnlinue in The Trusl&es are respcmsible for marntaining Kwoper accounting records discbse wlh reasonable ac¢uracy al any time the financial position of the charitable company and enable them to ensure that the f￿anCIal statements compty with the Companies Act 21)06. They are also responsible for safeguaiding the assets of the charrtable compary and the group and for taking re￿On￿e steps for the prevention and detection of fraud and other iffegularÉkn"es. Produced by Albert Goodman LLP Page 12 Th• South West Herltage Trust Tru51ee Directors. Report For the Year Ended 31 October 2025 The trustees are responsible for the maintenance and integrity of the corporale and financial information included on the Charitab￿ company's website. Legi￿atIOn in the United Kingdom goveming Ihe preparation and dissemination of financial slalerrthls differ from legi51alion in other jun￿1¢t￿￿S. Statement as lo dl$¢losure to our audlto In so far as the Trustees are aware". There is no relevant audrt inf0mall￿ of which the charitsble company's a￿jItorS are unaware", and The Truslees have taken all steps that they ought to have tskers to make themselves aware of any relevant audit infomiation and to establi*h thal the auditors are aware of thal information. AUDITORS The auditors. Albert Goodman LLP, deerwj to be re-app)inted under Se¢tK)n 487(2) of the Companies Act 2¢JO6. SMALL COMPANY PROVISIONS This rewt has been prepared in accordance wilh the small ￿rnpan￿ regime under the Companies Act 2006. By order of the Truslees. Ll J R Molum The Sou West Hefitage Trust Dale.. Produced by Albert Gc4xlman LLP Page 13 Tho South West Herltage Trugt Independent Auditors, Rewt to the Twstees and Members For the Year Ended 31 Odober 2025 Oplnlon We have audiled the financial ststeff*nts of The Scxth Vlest Hefftaje Trust (the'parenl charitalk* companV) and its subsKliary (the 'group'l fc* the year ended 31 Ixober 2025. whK* comFfise the CC￿9011(1aIed Slalernent of Financial Activities, the ￿nSo11dated and parent charitable ￿rnPanY Balance Sheets, the consolidal&J and parent charitable company Statement of Cash Flows. and Notes to the Fina￿al Statements, including a summary of signiknnt accounting [d￿les. The fnancial repJ11ng fr*)Mvork that has been applied in their preParat￿n is awlThble and Unrted Kingd¢)m Generalty Aixepted Accounting Practice. induding Financial Reportmg Siandard 102." The Finanaal Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generaly Accepted Ac(￿nting Practice). In our opinhx the financial statements.. gwe a true aThJ fair view oflhe state of Ihe gr￿P,S and of the pwent th*rtable (￿7panY'S affairs as at 31 October 2025 and oflhe gfOllP'S WlCX)ming ￿8￿Jr￿S and akwiotion of res￿rceS for the year then wLded', have been WOFerty prepared in arxordan(* with United Kmgd(Th Ger• A(Thpted ALxountino pract￿., and have been wepared in accO￿ance *ith Ihe requI￿ff￿ts of the Cryn*s Act Basls for oplnlon We conduded our audlt in accordance with Internat￿nal Standards ￿ Auditing (UK) (ISAS (UK)) and applicable law. Our reSpOn￿bI￿.tieS under Ihose slandards are further described in Ihe Auditorfs resF)onsibiliiie$ for the audit of the finan(ial slatements S￿l￿)n of our rekx)rt. We are iidependenl of th8 group and p¥ent charitsb￿ company ￿ acoydance with Ihe ethical r￿uIreMents that are re￿ant to our audit of the finanryal statements in the UK. inthding the FRC'S Ethical Standard, and we have fulfilled our other ethical respongbilities in accotdarKe wth these reqU¥￿￿nIS. We believe that the audit evhJen¢e we have oblained is suffttenl and approwiate Io Pftr4Kle a basis for our opinion. Conclusiong relating to going concern In auditing the financial statements, we have conduded that the trustee's use of the going Concem basis of accounting in the preparat￿)n of the finaTrial ￿teMentS is apkyopriate. Based on the work wo have t￿rf￿, we have not NIentif￿ any material ￿r￿rtainl18s retating to events or ondrtions that. individuauy or couecbvety. may cast ￿gnificant doubt on the entity's ability to continue as a going concern for a penthj of at least 12 months from when the kncial statements are aulhorised for issue. Our responsibllities and the reSpc￿$1￿￿lltles of the direct￿$ with Tespeci lo wing ccmcem are desc¥l￿d in the relevant sections of this report. Other Informotlon The trustees are respon%ble for the other nformation. The other InfLYMati￿ comprises the infomialion induded in the Truslees, ReF#)rL other than the finan¢ial statements and our auditorfs ret#Jl thereon. Our opinion on the financial slalen*nts does not coyer the other infonnation and. except lo the extent crtherwise expticilty stated in our report, we ¢Jo not exFYess any form of assurarKe conclusion thereon. In connection with our audit of Ihe financial stateff*nts. our responsl)ilty is lo reaj the other information and, in doing so. consider whether the other in1ofmalN￿ is malerialty inconsislenl with the financsal statements Of our kr￿ledge obtained in the audrt or otherwise appears to be materialty misstated. If we identify such malefial inconsislencies or apparent material misstatements. we are required lo determine whether there is a material misslatemenl in the financi81 slatemenls or a material misstalemenl of the other informalion. If, based on the work we have [ert￿n￿d, we Ilial Ihete is a material misstatement of thi: other inf0m￿￿n. we are required to report Ihal fad. We have nothing to report in this ward. Produc8d by Abert Goodm￿ LLP Page 14 The South West Heritage TTUSt Independent Auditors. Report to Ihe Trustees aThJ Members For the Year Ended 31 October 2025 Oplnlon on other matter prvcrlbed by the Companles Act 2006 In our opinK)n, based on the undertaken in the course of Ihe audit". the infoTmalion given in the TTUStees' Report. which includes the Di￿¢10[S. Report wepared for Ihe purposes of company law for the financkql year for which the financial statements are prepared is consistent with the financial statements- arKI the Direclors, Report induded vilhin the Trustee5' Report have been prepared in accordance wth appli12ble legal requiremenls. IAatters on whkh we are requlr¢d to report by exceptlon In the light of the krsowledge and undwstsnding of the group and parent charitable company and their environment obtained in the Course of the audit. we have not idenlthed material misstalemenls in the Directors, ReF)Ort included within the TTUStees' Report. We have nolhing to Tepwt in respe(a of the followwig matters where the Compani85 Act 2006 requi￿5 us lo report lo you rf. in our opinion.. adequate and proper accounting rwds have r#)t been kept by Ihe parent charitable c(Hnpany. or returns adequate for our audit have not been receNed from branthes nol visited by us., or the parent charitable c(Miwany fina￿la1 statements are not in Sgreen￿nt wlh Ihe a￿￿rrtIng records and returns. or certain disclosures oftnJstees' remunerats.on specified ty law are not m*. or we have not received all the informalion and explanations we require fof our audii.; or the trustees were not enlitled lo prepare the financrdl statements in accordan￿ with th8 small cornpanie5' regime and take advantage of the small companies. exenwtion5 li prep¥ing the Tru5tees' Report and from the requirement to prepare a Strategic Report. Responsibilitle$ of tfusteès As explained more fulty in the Statewenl of Trustees, Reswnsibditi8s lset out on page 121. the tnjstees are also the directors of the parent charilab￿ company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal coritrol as the Iruslees delennine is n￿SSary to eftab￿ the preparation of financial statements that are free from malerial missl*errent. whether due to fraud LY error. In preparmig the financial slateff*nts, Ihe trustees are responsible assessing the group and parent charitable company's ability to continue as a going concern, disclosing. as applicable. matters related lo going concern and using the g￿￿9 concern basis of acLounting unless the trustees either inlend to IiquKlate the parent charitable company or to ￿ase operaknons. ￿ have no realist￿ altemalNe but to do so. Audltorfs responslbllltles for the •udlt of the fmancial statements Our objectives are to obtain reasonab￿ assurance about whether the financial statements as a whok are free from material misslale￿￿nt. whether due lo fraud or error, and to issue an auditorfs report Ihal Includes our opinion. Reasonable assurance is a hNJh level of assurance. bul ￿ not a guaiantee that an audit conducted in aixOrdan￿ wth ISAS (UK) wll amiays deted a material misstatement when il exists. Misslatements can arise from fraud or error arKI are Con￿dered material if, individually or in the aggregale, they could reasonably t* expected lo influen¢e the econorn￿ decish)ns of users taken on the basis of these f￿ancial staleffEnts. A further description of our respons1bilrt￿S for Ihe audil of the finanual statements is located on the Financial Reporting Council's website at bV4¥W.frc.OTg.ukJauditorsre5ponsibililies. This description forms part of our auditor's report. Produced by Albert Goodman LLP Page 15 The S¢>uth West Herltag• Trust Independent Auditors. Report lo the T[￿teeS Memtws For the Ye* Ended 31 October 2025 Irregularities. inctuding fraud. a￿ insta￿ of n￿￿[￿P11a1￿e with laws and regulations. design procedures in line with our respongbrfities. outlned ab)ve, to dete(1 material mi$statements in respeGt of irregularities, including fraud. extent to our wo¢edures are capable of dètecting irregularities including fraud 1$ detsiled b81w. The exteni to whlch the audtt TNa5 consldered Capable of detecllng Irregularities In¢luding fraud Quf appr¢)ach to idenlfying and assessng the risks of material misstaten*nt in respect of Irregularit￿S, including fraud and noTrcomplan¢e with l&vs regulatK)ns. was as follows.. the engagement partner ensured that the engagement team collectTriety the appropriate cofflpelence. capabilities arKI sklls to identrty ￿ rewnise non-conwh'aAx with applicabte Laws and regulations. wè identified the laws and Wulat￿n$ aPpI￿ab￿ to the company through discussw)ns with management. and trom our Ly)mnwcial knowledge and experience of charrfy sector.. we focused on specthc laws and regulat*)ns whth we c£snsidered may have a direct material effect on the financial statements or Ihe OFerations of the (xinpany, induding the Companies Act 2(K)6, Charity Act 2011, anli-bribery. eMploY￿￿nt. data protectron and heamh aThJ safety legislation., we assassed the extent of c(Mnpfiance with the laws and regulations identified above thI￿gh making enquiries of management and ins￿¢11n9 legal cc￿eS￿*￿)den¢e,. and identified laws an(J reguktions We￿ coMmUn￿ated within Ihe audit team regularfy and the team remained alert lo instsnces of nOn-￿￿pIlafiCe th￿ughOut the audil. We assessed the susceptibility ol the group's ffinan¢d statements to matefial misstatement. induding obtaining an ur¥Jerstanding of h(r4V fraud rnhjhl mr. by.. making enquiries of ManageD￿nI as to vthere Ilw consMJered ttwe was susceptitilty to fraud, thar knowledge of actual, suspe&ed arKI alleged fraud; arKI considering the inlemal controls in p￿8￿ to miiWe of fraud and nonw￿￿￿1￿7nce with laws aTh re9￿alK)ns. To address the risk offr￿d Itwough management tsas overrmle of o)ntrols, we.. performed anatyh'cal woc*dures to identrfy any unusual of unexpected reEabonships: tested joumal enlrte$ Io Klenlify unusual transactK)ns: assessed whether JUdge￿￿lS and assumptiC￿S mad& in detemiining the acwjnting estimates were indKative of potential ￿a$., and investigated the rationale beh￿￿ signiftsnt or ￿USUal tra)sa¢lions. In response lo the fisk of iffegulaiities and n¢￿-COmplI*￿e *ilh and regulations. we de$b3ned prcwlures which ￿duded. bLrt were not limtted to: agreeing financial statenHtt disdosure5 to Und￿Ing supportin9 documthtion: reading the minutes of meetings of those charged with governance.. enqviring of rnanagen￿nt as to acaual and potential Tril￿8110n. claims and breathes of relevant legigab'on.. and reVI￿ng CorreSpM￿l￿eI7￿￿ willi Cliiiiily CLM7Nnission and other relevant regulator8 including Ihc group's legal adwsors and Insurers. Piodu¢ed by Albert Goodm￿ LLP Page 16 The South ¥Vest Heritage Tru$t Independent Auditors. Report to the Truslees and Memters For the Year Ended 31 October 2025 There are inherent limitations in our audit ￿￿edureS dewibed above. The removed that laws and regulations are from financial transactions. the ￿sS likety it is Ihal would become aware of non- compliance. Auditing standards also limit the audit prO￿￿reS required to identify non-compliance wf(h laws and regulations to enquiry of the dife(aors and other rnanage￿￿nl and the inspection of fegulatory and legal correspondence. rf any. Malerial misstatements lh* arise due to fraud can be harder to detecl than those that arise from error as they may involve deliberale concealment or collusN)n. Use of our report This report is made solety to the group and parent charitsble company's members, as a ￿dy, in accordance with Chapter 3 of Part 16 of the Compan￿$ Act 2006. Our audit work has been undertaken so that V￿ mighl slate to the group and parent charitabEe wnpanys members and Irustees those matters we are required lo slate to them in an auditor's report arKI for no olher Pufpose. To the fuuest extent permitted by law, we do not a¢¢ept or assume responsits'lily to anyone other than the group and parent charitable company and the group and parent charitable company'$ members as a bcrfty and the parenl ¢haritable company's trustees as body, for our audit work. for this report. or for th8 opinKins we have f¢ymed. Michelle Ferris BSC (Honsl FCA [￿hA Isenior Statutory Auditor) For and on behaw ofAlbert G(*)dman LLP, Statutory Audilor Goodwood House Blackbrook P8rk Avenue Taunton Somersel TA12PX Dale". ..30.1044/%)a. .é........... Produced by Abert Goodman LLP Pa9e 17 The South Wfrst Herltage Trust Consob'dated Statement of Financial Adivities [l￿￿dIng an In¢onk & Expenditure account) For the Year Ended 31 Odober 2025 2024 Totsl Unrns- Unres• Res- trlcted tricted tricted Notes Income from: t)onalions and le9￿Je$ Charitatle acltvittes Other trading actmtses Investments 1C6.393 2.942.287 1.610,502 532.154 33.197 113,199 71,219 58,229 129.448 4,552,789 2,736,053 5.044,248 7,780,301 532.938 685,7&8 23,836 709,604 33.598 32,591 739 33,330 401 Totsl income 3.614.031 1.618.493 5,232.524 3.525,631 5,127.052 8.652,683 Expenvernance costs are those cosls associated with the governance arrangements of the charity and relate lo genernl running of the charily as oppwd to those costs associated with charitable activities. Operaling leases The trust dassifies the lease of prOpert￿S as operating leases a5 title remains wfLh the lessor. Rental charges are charged on a straight line basis over the lemi of the ￿aSe. Pr0￿Ce4 by Albert Goodman LLP Pag8 23 The South West Herltsge T￿$t Notes lo the Financial Slatements For the Year Ended 31 October 2025 Fund accountlng Unreslrlckd funds are avaitsble to spend on ac11vi￿ that fimther any ofthe mwposes of Trust. Restr￿ted funds are frwtr donatvJns and grants in whK* the donor or fijnder has specffied are to be soiety used for part￿lar areas of the Trust's (Y ftjr s￿￿tC pr(4ecas being undertaken by the Trust. Tanglble fixed assets *KI depreclatlon Tangib￿ fixed assets are staled at CO￿ kn deprec4alion. Fixed assets under £500 a￿ not pi(alised. Deprec￿tIOn is provided at rates cabjlated to write off Ihe cost or valuation less estimated res#Jual value of each assel ow ils expected usefvl lrfe as follows.. Fixtures fittings 5 years straight line CompLrter equipment 5 years Stra￿ht line tor Vehicles 5 years straight line 5 years straight line 1.10 Debtorn Trade deblors are rnnts due aBlcffiers for servres perfonTr￿1 in the ordinary course of business. Tr* debtors are recL)Jlli5ed initialty al the trans￿l0n wt¢e. They are subsequently measured at amortised cosl using the e￿lIVe inlere* methtsj. less provi&on for impairment. A provisv)n fof Ihe ifflpairment of trade debtors is established wthen the￿ 1$ 0tr4e(*i¥e evidence that ts Twst ￿￿11 not be able lo colle¢t all amounts due to accordmg lo the 0fvJ￿a tern￿ of the f#eNab￿s. Other debtors comwise amounts due from fuThJers, p￿paYments and ¥(xued income. A￿￿unIS due fr￿n fijnders are fee￿nISed when the Tw$1 is enti1￿ to the money. p￿payMentS arise from the paynEnls for Serv￿ prK>r to benefft from those Ser¥￿e9. and accrued in¢4Jme is amounts due fcf Se￿￿$ provKled. recognised at th8 point of of the ser¥tis. 1.11 Stock Stock Con￿StS of shop st(￿k for res* and publicat￿ st(rts. SIC￿ Is valued at the h)wer of cost and net realisable value, after making al¢)wances for obsc4ete and ￿0W moving stock. 1.12 Cash at bank and In hand Cash al bank and cash harKI includes cash and short lemi hvJhly investments with a short malurily of three months fx less frcffi the date of a)]uisIt￿1n or orenw of the deposit or swnilar account. 1.13 Creditoyg Creth'lors are re¢c•3nised WI￿ the charity has a present obliJatK)n re&Ating from a past event that 11 pTobabty result in Ihe translef of funds to a third party and the amount due lo settle the oblh3ation can bo measured or vlimaled r8l￿bty. Cred￿OrS are nmlty recogntsed al their Sett￿n￿nt amniint after allowing for ary trade discounts due. 1.14 Deflned contribution pensl A defined contribution plan is a penS￿n plan under which f￿ed contributions are paid inlo a pension fund and Ihe Company has no ￿gaI or conslruclive obligalion lo pay further conlributions even if the fund does not hokj suffic￿nt assets to pay all employeos tho beneffts relating to employee service in the ¢urrenl and prior periods. Contribulions to defined ¢(M)tr￿)u1i0n plans are recognised a$ staff pen￿on expense through the profil and k)ss when they are due. Produced by Albert Goodman LiP Page 24 The South W&st Herltage Tmst Notes to Ihe Financial Stalemenls For the Year Ended 31 October 2025 1.15 Deflned benefit pefvJion obllgalion The majorily of 8mployees of the charity are members of the Lc*￿7 Government PensK)n Schemes (LGPS) managed by Devon and S￿*r5e1 County Coun¢iL8. These are furKled defined benefrt schemes where the assets are hekl separately from those of the charity in separate Trustee administered funds. Typi¢alty defined benefrt plans define an amount of penS￿n benefit that an employee will re¢ep4e on retirement. usualty dependent on one of more factors such as age, Yea￿ of seThiice and compensation. The liability ￿e{￿￿nISed in the Balance Sheet in respect of defined benefit pension plans ks the p￿sent value of the defined benefit oblualion at the reporting dale M￿U5 the fair value of the plan assets. The defined benefrt otAvJation is measured using Ihe projected unit credit method. The present value of the defined benefit obligatson ts detemiined by discounting the estimated fulure payments by reference lo market welds at the reporting dale on hvJh-quality ¢o(p)rate bonds that are denominated in the cuTrency in which Ihe benefits will be paKI, and that have temis lo maturity approximating to the tgrms of the rek2ted pension liabilty. Actuarial gains and losses a￿ rec(MJnised inmediately olher gains and losses. 1.16 Crltlcal accountlng estimates and arnas of Judgement Estimates and judgements are continually evaluated and are based on historul experien￿ and other factors. induding exkwtations of future events that are belteved to be reasonable under the circumstances. The Trust makes estimates and assumF4¥)ns ￿nCernIng the future. The resu￿.rtg accounting estimates and assumpl•Jns will, by definit￿n. seldom equal the related xtual resu￿$. The eslimales and a$$umplions that have a signrficant risk of Causing a material adjuslrrenl lo Ihe carrying amounts of assets and liabilities wiihin the next financial year are discussed below. The present value of the Local Gcwemment Pension Sd)eme defined benefrt liabiltly depends on a number of factors Ihal are delemiined on an actuarial basis using a variety of assumptions. The assumptions used in delemining the net cost lin¢x)mel for pensvJns include discount rate. Any changes in these assumptions. which are disclosed in note 17. will impact the carrying amunt of the pension liability. Furthemiore a rdl fo￿ard approach which projeds resums from the 18lest full actuarial valuation perfomed at 31 March 2022 has been used by the actuary in valuing the pensions liability al 31 Oclober 2025. Any drfferer¢ces belween the figures derived from the roll foward approach and a full valuation woukl impad on Ihe carrying amount of the pensM)n liabrfity. The present va￿e of the Local Govemmenl Pension Scheme as calculaled by the actuary is an assel of £4,317,0(KJ. The asset has been linwted to a £0 as the trustees telwe that the criterkq for recognition of an asset have not been met. 1.17 Taxation As a registwed charity. the Company is nol liable to c0rpK)rat￿ tax or capital gains tax to the exlent Ihal ils income and gains are applicat￿& to charitable purposes onty- Value Added Tax (VAT) is partially recoverable by the company. Any irrecoverable VAT is added to the relevant cost and Charged as an expense in the Statement of Finanaal AGt1vil￿s. Produced by Albert Goodman LLP Page 25 The South West Herltage Trust Notes lo the Financial Statements For the Year Ended 31 Odober 2025 1.18 Flnan¢lal Instruments The charily onty holds bas￿ finanaal instrunEnts as defined in FRS 102. The financial assets and Ik4bilrties of the ¢harity their measure￿￿ts are as folkAv5.' Financyal assets - trade arKI oth6Y debth are basic financial wis1rum￿ls and ate debt instrumenls measured at arnOrti￿ cost. Prepayments are not finanoal instruments. Cash al bank and deposit *xountS- is dassified as a bas￿ f￿anc￿l instrument and measured at face value. Financial h'abliti'es trade creditors. acc￿￿1$ and other cr&Jitors are financ4al instruments. and are measured at amortised c￿St. Taxati￿ and 9xwF seajrily and the LGPS are nol included in the financial instruments dthure definrtk)n. Deferred I￿rne is nol dewned to be a fmancial liability, as the cash settlement has alreaty taken p￿ce arKI there is an OblyJat￿n to d81iver serv￿*$ rather than cash or anolhef financial inStrun￿t Donallons and lega¢les Unres- trkted fund6 tricted tricted funds 2025 Totsl trlcted 2024 Total Donations and twuests 11%.393 113,199 71.219 58,229 129,448 It%.393 6.806 113,199 71,219 58,229 129,448 A8 at the year er*J. the c*• h￿1 t)een ￿knfied d a legxy t¢Xaifing aFproxi• £140,￿012)24. £4Q¢JXI), not be￿ Inckm￿l in the Staten￿t c* Firwiat thties dL* to the ￿ttiOnS of recc¥Jrition not ￿. Produced by Abert Goodn￿ LLP Pa￿ 26 The South West Heritsge Trust Notes 10 the Financial Slalemenls For the Year Ended 31 October 2025 Income Irom charltable activities UnreJ- trlcted funds Res- trlcted funds Unres- tricted funds Res- trlcted funds 2025 Totsl 2024 Total Fee5 for se￿Ice9 and grnnts Herit e services Somerset County Council. Devon County Council. North Somerset Counc￿. Weston-super-mare Town Council" Torbay Council" Other services SCC - Record5. Museum of Policino in Devon & Comwall North Devon Athenaeum 1,620.040 433.532 289,305 1.620.040 1.675.969 433.532 418.531 289.305 81.642 1,675,969 418,531 81,642 87.433 121.058 87.433 121,058 86.208 117,032 86,208 117.032 60.736 60,736 59,500 59.500 27.959 27.959 7.0(Kl 27,039 41,613 27.039 41,613 rant income Heritage Lollery Fund The British Museum Somerset C￿nIV Council, Arts Counul Enqland" Barnstaple Town Council" DEFRA" Devon County Council. Art Fund Taunton Town Council" Weslon-super-mare Town Council" Under £10k 344,664 344.664 101.112 101,112 14.962 4,135,706 4,150,668 134,958 134,958 9.916 496,202 505,905 15.000 506,118 505.905 15,000 3,219 132.048 327.808 12.916 135,267 327,808 12.916 10,560 25.550 150,000 30,500 10,560 22,581 30.148 52.729 25.550 150.000 30,500 30.000 30.000 24.203 28.309 24.203 279.939 251,630 227.059 26,110 253,169 2.896.231 1.610.502 4.506,733 2.694.682 5.OH,248 7,738,930 46,056 46.056 41,371 41,371 Memberships and and subscriptions 2,942,287 1,610,502 4,552.789 2,736.053 5.044,248 7,780.301 'Denoles government grants Go rnmenl rants Income from government grants o)mprises grants made ty l¢Yal authorities lo fund the principal activities and objedNes of the charity via core funding and furKling for sp￿f￿ projects. See above and note 2 for nKire informatK)n, induding the amount and source of these grants. There are no nfuifilled conditions or other contingencies attached to these grants. Produced by Albert Gwdman LLP Page 27 The South West Heritage Tn￿t Notes lo the Financial Stalernents For the Year Ended 31 O¢tober 2025 Other tradlng a¢tivltles UnTes- Unr•s- tTi¢ted trlctsd 2025 trlcted blcled lunds nds Total nds funds 2024 Total Merch•ndl$ing incom• Shop sa Café concessron 49.247 43.831 49,247 43,831 53,563 40,196 40,1 93.078 93.078 93,759 93,759 Events and other sales Djgital MTrages, publicabc￿S and research ROC￿ hire Education income Rental income Other iicome 155,9)3 12,141 34.516 ,757 185.759 155,929 12.141 34,516 50.757 186.517 301,478 12.324 34.966 12.999 32.878 210,363 10.727 312.205 12.324 47,965 32,878 110 210,473 758 439,076 439,86tJ 592,W9 23,836 615,845 532.154 784 532,938 685,768 23.836 709.604 Investment Income Unres- lthted fvnds trlcted funds 2025 Total tricted tricted funds 2024 Total Bank interest 33.197 401 33,598 32.591 739 33.330 Pfodveed by Albert Goodman LLP Page 28 The South West Herit•ge Trust Notes lo the Financial Stslements For the Year Ended 31 Oclober 2025 Expenditure Split by fund: Unres- trl¢ted 2025 Tothl Unres- trlcted Res- trt¢ted 2024 Total trkted Cost of raislng funds Trading costs Charitable actlvftles Archives aThJ local sludies Museums Historic environment and estates sermces Heritage sermces Closed projects 109.505 109.505 72,612 72.612 812,703 818.757 178.234 th1,937 774,028 153,414 927,442 716.243 1,535.0(M) 1.058.237 4,734,548 5,792,785 410.962 943.650 191,239 451.102 862. 374,104 512 944,162 1.018,791 19,453 210.692 151,469 85.123 459.227 1,018.791 203,211 51,742 3.286.816 1.365,544 4.652,360 3.449,241 5,024.827 8.474.068 Spllt by cost: Other Dlrect costs Other Direct costs Stsff costs 2025 Total Staff costs 2024 Total Cost of ralslng funds Traling costs Charitable activities Archives and Socal 51udies Museums Hist￿1¢ environment and eslales semces Heritage services Closed prqects 109.505 109.505 72.612 72.612 829,515 1.041.804 161,422 990,937 493.121 1.$34.925 816,874 110.568 927.442 922.546 4,870.240 5.792.786 423,281 318,434 177.590 438.783 625,803 33.102 862,064 944,237 210.692 395,505 63,723 459,228 440.219 578,570 1,018.789 174,355 28.856 203,211 2.790.624 1.861.7% 4.652.360 2.749.499 5.724,569 8.474.C68 Produced by Albert Gotrjman LLP Page 29 The South West Herllage Tntyt Notes to the Financial Statements For the Year Ended 31 October 2025 Expendltur• {¢ontinued> Charfty 2025 Subsldiary 2025 Total 2025 Total 2024 2024 Depreualion of owned essets Operdling lease expenses Audttors. remuneralknn fcr. Current auditcws - Audit services - Other swwces 72.758 37.290 72,430 72.758 37,290 72,430 38.586 8.250 7,950 3.4Lh) 1,580 7LKI 11,250 4.275 9,530 4,100 725 Tmste• threctors The charity trustees We￿ rK)t paid or recepied other b8nefrts from empbyyw*nl with the Tfust or its $ubwdiary ￿ the year12024.' £nill. One charity truslee was ThrnI￿rsed £163 for travel expenses during the yew12024.' Iwo trustees - £327) No charity trustee received payn￿)1 for professh)nal or other supplied to the charty (2024: £nil). Produced by Att)ert Goodm￿ LLP Page 30 The South West Herltage Trust Notes to Ihe Finanoal Slaternents For the Year Ended 31 October 2025 Employees Number of employees The average monlhty head count was 101 staff {2024: 103 staffj and the average number of full-time equivalent employees (induding casual and part-time ￿8ffj during the year were as folk)ws: 2025 2024 Management Finance and admin Service provision 60.7 62.3 72.2 73.1 Employment costs 2025 2024 ￿￿e5 sal8ries Social security co$ls Redundancy pay PenS￿n c05t5 2,412,185 253.872 2,343.133 200,328 24,202 181.836 124.567 2,790,624 2.749.499 During the year, no costs were pahj in respect of redundancies and no arrK)unts were accrued at the balance sheet dale (2024. two redundancies lotalling £24.2021. The number of employees whose annual effduments WE￿ £60.IXIO (exthding employer pensb)n costs) (K nb)re were.. 2025 number 2024 number £70,000- £80.000 This employee is a member of the defined contribution pensK)n scherne, into which contributions of £4,67012024: £4.2631 were made. The key management personnel of the group comprise those of the Trust and the key management personnel of its wholty owned subsidiary South West Herrtage Tfust Trading Company Lld. The key managernenl personnel of the group comprise of the Senior Leadership Team as on page 1. The lotal employee benefrts {indudes gross pay. empbyer FenS￿n and employer national insurance) of the k8y management personnel of the Trust were £420,231 12024: £388.831). Produced by Albert Gcodman LLP Page 31 Th• 8thrth West Herltagg T￿￿t Notes to the Finar￿181 Statements For the Year Ended 31 October 2025 Employees (￿blInued} Penslon costs The company operates b)th deftned benefft and defi￿1 o)ntribul#)n pensh)n schemes. The charge to the Statement of Financial Adi¥itses for the yew is Sh(T￿ above. Contributions totallng £30.57912024 - £30.355) were payable lo the schemes at th8 end of Ihe year and are nduded in creditors. Further detsils of the defk)ed benefft SCI￿5 are given in note 17. Tangible Ilxed assots Group Leasehold Comput Improvements equipmwrt Motor Vehicles Flxtures & r￿Ing8 Total Al 1 November 2024 Additions 601.625 431.626 891 37.OIXI 110,627 748 1,180.878 1.639 Al 31 Octobef 2025 601.625 432.517 37,000 111.375 1,182.517 Depfeclatlon At 1 November 2024 Charge for Ihe year 550,163 18.070 311.744 39.517 37,000 77,929 15.171 976.836 72.758 At 31 Lktober 2025 .233 351.261 37,000 93,100 1,049,594 Net book value At 31 Ocicthr 2025 33 3Y2 81.2 18,275 132,923 At 31 Ctlcl)er 2024 51,W2 119,882 32.698 204,042 Th8 *)ove assets are alt held by the ch￿rty. Investments r.hArity Tolal 2025 ToLIl 2024 South West Heritage Tnjst Trading Limited Ori*nary shares of £1 each Produced by Abert Goodman LLP Page 32 Th8 South Wo$t Herltage Trust Notes lo the Financial Statements For the Year Ended 31 October 2025 Investments (contlnuedl South West Heritage Tru￿ Trading Limited (company no 09222720) was incorporated on 17 September 2014 as a wholly owrwl trading subswjiary of The S¢)uth West Hertiage Trust. The parent charity holds 100% of the issued share carAtal and 100% of the vots'ng nghts of Ihe subswjiary trading company. The principal activitP5 of the company are the operation of a retail out￿1 at The Museum of Somerset and other trading activities. The registered office is the saff* as that of the Trust, detailed on page 1. The subsidiary gift akls its taxable profits to The South West Heritage Tnjsl, and files audited accounts with the Registrar of Companies. A surrmary of the tradirKJ results is shown bdow: 2025 2024 Tumover Cost of saks 391,545 (83.2171 385,678 172,6121 GTOSS profit Administrative expenses 308.328 1221,3261 313.C66 I161,￿1) Operating profit Inveslmertl In￿Me 87.002 151,165 Profit before lax & profrt for the finan¢ial year Retained eamings brought fonAfard in subsidiary Gift aid to The South Wesl HeTiiage TrLbsl 87,002 151,165 {151.165) 151.165 108,395 1108.3951 Retained earnings carried foNMrd in $ubsRdiary The assets and liablilies were.. Current assets Current liabilitses 87,002 151,165 309.247 1222,2441 416,295 {265.1291 Totsl net assets 87,003 151,166 Called up share capital Profrt and loss reseNe 87,002 151.165 87.003 151.166 Produc8(I by Albert Goodman LLP Page 33 The S￿rth West Herltsgo Trust Notes lo the Finanaal Statements For the Year Ended 31 O¢lob8r 2025 11 Stocks 2025 Charfty 2024 Charlty Group Group GCKMJS for resale 18.857 Stock recogni￿ in th8 Staemenl of FIn￿claI Act￿11￿$ as an expense 15 £38.643 (2024.. £41.7401. 12 Dèbtors 2024 Charlty Group Charfty Group Trade debtors Prepayments and WLted incc Other debtors Amount5 (Med by group undertakings 666.467 322.536 1.189 635,fAS 309.131 499.049 410,387 29,784 482,308 385.91 Q 27,923 244.240 202,972 990.192 1.147,748 939.220 1,140.381 Produced by AIL*rt Gcoaman LLP Page 34 The South West Herltage Trust Notes lo Ihe Financial Stslemenls For the Year Ended 31 October 2024 13 Creditors: Amounts falling due within one year 2025 Charlty 2024 Charity Group Group Trade creditors Other ￿ditorS Accruals and deferred income Taxation and soual se¢unty 59.744 37.663 816.689 164,336 58,5S9 39,515 745.786 57,678 54,678 39,515 741,442 45.014 37,663 819.149 176,544 1.097,704 1,078.432 901,538 880,649 Deferred Income 2025 Charity 2024 ChaTIty Group Group Deferred income al 1 Novembei 2024 Released from prewous years Resources defer￿d in the year 601.572 1601.572) 678.357 601.572 718,771 1601.5721 r118.7711 678.357 601.572 718.771 1718,7711 601.572 Deferred Income at 31 October 2025 678.357 678,357 601,572 601.572 Al Ihe balance sheet date the trust was holding furKls receive(l in advance from Scffierset County Council and Devon County Counal and subscriplions received in advance. Produced by Albert Gc￿dMan LLP Page 35 The South West Hgrltage Tru*t Notes lo the Financial Statements For the Year ErKled 31 October 2025 14 Summary of movement In fund¥- Group Openlng balance Transfers & g¥lns Closing balance Income Expenditure Unfestrfcted lunds- Group Gener 507.104 3.516.662 13.319.751) (118,4651 585,550 De¥ignated lunds- Group and Charlty National ATchNes Capital TeseNe Museum priorities Archive & learning pric￿1 IT & resources prioriltes Histori¢ environment pnorft Invest lo Save Cheddar Br(KKh Trusl legaaes & donalKins Historic Enmronmenl and Estates Wesl County Slud Somefset Pottery Fabnc Type Series Museum, Gallery Exh*¥'tb Tax Relief Trusl Strateg Total designated funds 23,188 IiXI.OIXI 56.325 3.997 115.142 54.870 23,970 4.271 {6,e601 11.3021 100.000 15.608 200,000 43,413 2,165 79.750 24.618 17.978 (12.9121 (1.8321 (35.3921 (30.252) {5.992) 14.3551 50.427 57.427 89,122 13,210 89.122 25.039 111.829) 15,612 15,612 172.693 25,C((J 187 11,467) 11C6,C651 (100,CN)01 1,467 132,583 119.440 25.000 703.343 579.456 97,369 Penslon fund 139.O¢YJ {139.000) 1.086.560 3.614.031 {3,286,8161 {124.882) 1.288.893 Produced by ￿bert Go￿JMan LLP Page 36 The South West Heritage Trust Noles lo the Financial Statements For the Year Ended 31 October 2025 14 Summary of movement In funds- Group (¢ontinuedl Openlng balance Transfers & galns Closlng balance Income Expenditur¢ Restrlcted funds - GTOUP and Charity ATchive and museum donab'ons Cheddar Bra¢xh Castle House Project Historic Enwronmenl and Estates Somerset Levels Portable Anb'ques North Devon Record Office Devon Rai￿aY Plans Conservation Museums and Schools 24-25 Wesl Country Studies Some15el Pottery Fabri Type Series Somerset VCH Glastonbury Town Investment Plan Poli￿ Museums Archive National Portfolio Organisali¢ Wessex Water Cataloguing Museum of Somerset Chew Valley Hoard ISCA Photographic Colleclic North Oevon Alhenaeum Chew Valley Hoard Delivery Museum Development Offi Museum Renewal Fund WSM Old Town Quarry 32,692 1,251 17.t)JOI 4.355 26.943 4,355 33,645 10,478 8,331 37,145 72.652 9.354 {3,5001 (58,945} 11,023) 1125,5941 (47,4831 {3,000) 160,988) 85,893 189,1221 115,495 64.031 10,099 11.099 12,983 15.OC6 25.039 27,647 9,983 16,082 62.CE4 125,039) 15.717 23,924 11051 (4,OC61 1395,7021 (29,502) (215.417) 121.6771 130.5WI 1255.701} (74.7CQ) {7,OCIJ) (15,6121 5.231 395.702 27.959 216.023 25.149 17.675 61.533 21.375 30.500 16.132 62.139 302 30,000 255.701 88.790 7,OCK) 30,000 1,000 15.090 100,000 6,899 100,500 10,833 227.818 24,202 117,732) (12.9211 {481 214,897 24,154 386.694 1,618.493 11.365,544) (14.1181 625,525 Totsl funds 1h73,254 S,232,$24 14.652.360) 1139.0001 1,914,418 Produced by Albert Gwdman LLP Page 37 The South West Hermage Tnffjt Notés to the FinancFal Statements For the Year Ended 31 Odober 2025 Summary of mov•m•nt In fund$- Charlty Openlng balance Incom Eyndlture Transf•rs & gains Closlng balanc• Unrestrlcled fvnds - Charlty General 355,939 3.472.155 (3,211.081) (118.465) 579.456 97.369 (1(￿.065) 132,583 139.CKX) (139,(KKJ) 498,548 703,343 Deslgnated fund$- Charity Penslon fund 935,395 3.569,524 (3.178.146} 1124,882) 1,201.891 R8Strl¢ted funds - Charlty 386.694 1.618.493 {1.365.544) {14,118} 625,525 Totsl funds 1,322,089 5.188,017 {4.543.690) (139,0001 1,827,416 The breakdch¥n ol dewnaled and roStrKted funds 1$ as Fer group fvnds statement. Summary of movement In funds- Group (2024 Opening l)al•nce Transfers & gains Closlng balance Incomo Exp￿dIture Unrestrlcted funds- Group General 517,956 3,448.650 (3,180.9321 1278.5701 507,104 Designated funds- Groutrand Ch•rity Nalv)nal Archwe5 Capit31 reserve Mus¢urn piioriiies Archive & learning prioribes IT & resources p[￿ritIeS Historic enVIr￿ment pri¢Mities Invest to Save Cheddar Brooch Museum. Galbry and Exhbitron Tax Re￿e1 Trust Strategic 19.664 69.670 70,699 5.829 144.714 37.063 33,476 55,000 9.823 16,2931 23,188 100,000 56,325 3.997 115.142 54,870 23,970 4,271 30,330 112,9121 11.9601 39,362 25.621 {1.2901 11.4621 128 168,934} {7,814} (8,2161 (S8,￿) 7.367 127,518 59.791 (14.6161 172,693 25,000 25.000 Total do•lgnated fund8 563.633 76,981 1165,3091 104,151 579,4 Penslon fund 1103.C(QI 103,000 1.081.589 3,525.631 13.449.241> (71.4191 1.086.560 Produce(I by Albert Gc¥Jdman LLP P&Je 38 The South West Herltage Trust Notes lo the Financial Statements For the Year Ended 31 Octoter 2025 14 Summary of movement In funds- Group120241 Icontlnued) Opening balan¢e Trdnsfers & galns Closlng balance Income Expenditure Restrlcted fund5 - Group and Charlty Archive and museum donations Castle House Projecl Histr￿1¢ Environment arKI Estates Somersel Levels Portable Antiques North Devon Record Office Devon Rural ArchNe Devon Railway Plans Conservabon Museum Development l)fficer North Somefset cdt¥licns Museums and Schools 23-24 CharthouselBlad(mc4ir Land Holding Avalon Archaeology Park We81 Country Studies Gravity project North Devon Alhenaeum Somersel Pottery Fabflc Type Series Cary of Torquay Archive Debenhams Archwe Quanlcck Landscape Palnership Somersel VCH Glastonbury Town Investment Plan L(Kal Herrtage List Police Museums ArchNe Resilience Prciecl National Portfolio Organ￿all Wessex Water Cataloguing Museum of Somersel Chew Val* Hoard 49.540 40,116 40,242 9.030 7.739 124.5871 12,971) (46.132) (31 (121.3C61 153,(NS11 13iXI) 117) {33.7611 15141 (SS.409} 32,692 37,145 72,6S2 9.354 83.662 327 133.978 55,563 3fJJ 13.000 23.500 15,1201 (12.6721 8.597 11,099 12.983 10.261 11251 639 9.357 15,006 2,350 14LK)) 14.2661 19,8971 11201 (41.6131 {1,950) 51.148 11,278 {16,212) 111,1581 25.039 41.613 11,441 (1.7241 16.8411 14,9891 (3,9501 {7,386) 137.0701 1371 128,791) 17 (232,2981 15,717 6.841 1,989 3,ryJo 2.890 16.111 15.199 33.853 23,924 3.217 {12,5131 12.550 19.427 253 28.081 27,039 17.675 12701 265.750 21,375 30,500 4,291.440 (4,3C6.401) 61,533 21,375 30.500 14,961 316.050 5,127.052 15,024.8271 {31,581) 386.694 Total funds 1,397,639 8.652,683 18,474,068) 1103,0001 1,473,254 Produced by Albert Goodman LLP Pa9e 39 Th• South West Herltsge Trust Nole$ to the Finan￿al Statements For the Year Ended 31 Oclober 2025 Summary of movement In fund8- Ch4Thty- 2024 o￿nIng balanc• Incomo Ex￿dItuTe Transfers & gain5 Closlng balance Unr•$trlcted funds. Charlty General 409,560 3.171.368 (2,946,419) (278.5701 563,633 76.981 1165,309) 104.151 1103.CKXI) 103,(MKJ 355,939 579.456 Designated funds- Charlty Penslon fund 973.193 3.248,349 13.214.728} 171,419) 935,395 Restrlct¢d fund$ . Charity 316,050 5.127,052 {5,024.827> <31,581) 386,694 Total funds 1,289.243 8,375,401 18.239,555) {103,0￿) 1.322,089 The bfeakd(rwn ofdes*3nated and restl￿ted frjnds is as Ihe group funds statement. Puwe of material funds: Desonaled FurKIs -Cathl Reserve . A fund h8kl lo enable cash-17￿ for the purchase or renewal of capital rtems. DeswJnaled Funds - Museum prKJrities - To fuThJ ¥*Ci￿ propcls wilhwi the Museum service to renew, repar and mintain the Kfesentation of our colleclion$ in order lo enhan￿ the visitor experience. Designated Funds - Archive & Leaming PrIorit￿S - To fund speafic projects lo inwove the accessibih'ty and storage of *chive material and to continue the dyrtisth.on of the collection. Designated Funds - IT & Resource hTh)nties - To fvnd a numbei of ¢ore initiatives a(￿s$ the Trnst, including improwng our effectiveness in Ihe use of IT equipment, a project to improve the eff￿lent use of our financial systems and to seek altemab've sources of potenb'al income lo impro¥e financial resilience. Designated Funds- Histoit Environment priorities- To fund a fixed-lem ¢ons8rvation wst, plus a joinl managenEnl Flan in coniundhjn with other b(>Jies and site interpretation and promolKJnal aclivilies for our Heritage Landscape Srtes. Designated funds- Museum. Galery and Exhbi ition Tax Reli8f ￿ used lo support the operations of the museums across the county of ScrfnerseL Pension fund - Thi5 fund rewesents the penwn defKil fot Ihg Local &)vernment Pension Scheme for both Som8rsd and Devcffi and its associated eosls for the period. The Archive and Museum donatKJns- Accurnulaled funds o)mpristng of donatK)ns and bequests for acquisilvjis for t1￿ ￿￿Set Archives atKI Museum seNKes. Portable Antiques - Partnership project with the British Museum lo empby Finds Liaison off￿r5 in Somersel and Dorset. record#YJ aThJ where approKThle recemng finds and treasure discovered by metal delectorists. Produced by Albert G￿drn8n LLP Pa9e 40 Thg South We$t Heritsge Trt￿t Notes to the Financial St81ements For the Year Ended 31 October 202S 14 Summary of movernent in funds (continu¢dl Purpose of materlal funds (continued): Histofic Environment and Estates Remaining funds from discrete projects which continue to have a low level of actNity. induding Somefset Churthyard Grant Sche￿. Taunton Heritage pToje¢t and Sornersel LeveL8 publications. North Devon Reoyd Office - Atrchive servtt provided in Barnstapk to serve the North Devon area. Although linked to the Devon ArchNe and L4xal Studies Team, the funding provlded through a separale afraThJemenl. Museums and Schools l Museums and SchcK)1s 23-24 - a woject ents'tled 'Adventures in Time, funded by Arts Courol England Museums and Schoo15 programme. The proiecl has enabled work with pupils arKI sch¢y)Is I￿ated in isolate(i rural areas. North Devon Athenaeum- The Trust EXOVKles archive services for the North Devon Athenaeum, which includes purchasing materials on their behalf ts conservation and preservalion. The Trust also operates a payroll service on beha￿ of the NcKth Devon Athenaeum for their staff. Castle House Projecl - A capital fund was pro¥￿ed to the Trust by Somerset Building Preservation Tfust which is to be used for Maintenan￿ or works which enhance Castle House or enable a contribution to the ¥kqkn"lty of the business. Wesl Country Studies- A caprtal project lo rehouse the WCSL in a rn0￿ appropriate Space within Great Moor House. with new r￿bIle shelving. and a range of outreach and engagement to open up and celebr*e the collectK)ns. Cary of Torquay ArchNe . Cataloguing the Cary ofTorqvay estate ar¢hNe. auantock Landscape Partnership - Cataloguing agreed archive collections relating lo the QuanloC￿ area. Engagemnt work with groups reL4bng to Quanlock themes and working with volunteers. Police Museums Ar¢hive - Catalogulng. enqury and engagement work reLqting to the Devon and Comwall Police ArchNe. held at Devon Her"rtage Cenlre. National Portfolio Organisalion Arts Council England funding for a three-year programme of audience engagement in Somwset. Glastonbury Town Investment Plan A partnership belween Ihe Friends of St Br￿le,9 Mound, South Wesl Heritage Trust aTrJ Somerset Wibdlrfe Trust Wtll create a new visitor destination there, prOte￿Ing. interpretsng and making acces$ible the heritage and natural environment of Ihe St Brigid's Chapel and Fiekl sites. Wessex Water Cataloguing - Funding provK4ed ty Wessex Water to ￿talOgUe and care for the Wessex Water archNe deposited al the Somerset Heritage Centre. Museum of Somersel - Funding from Taunlon Town Council to support the continued running of the Museum of Somerset. Chew Valley Hoard - To acquire the Chew Valley Hoard through this project and $8ve it for the nation $0 that ts ￿searCh potential is realised and it can be made available for the public to enjoy. An exlensive enwement programme will reveal the stories behind the hoard and inspire audiences in new and inrKwative ways to ccA)nect wlh their herilage in museums. in the communty and online. ISCA photographic collection - The Isca photograph￿ collection Project will rescue, preserve, publicise. and promote a uThque and irreplaceable visual record of twentielh-century Exeler and its inhal￿tantS. Museum Renewal Fund The fund is being used lo address the significant shortfall in the museums budgei and to set out the Trusvs intention lo invest in a largeled programme of devekJF)ment activty de￿gned to 5UPF*Nt a wider strategy aimed al strengthening the long-lerm financial sustainabilty of the Muxeums SeNi(*. Produced by Abert Goodman LLP Page 41 The South Wesl Herltag• Trust Notes to ￿ Financ3al Statemerrts For ts Yew Ended 31 Clxotrer 2U25 15 Anaty$ls of ag8ets between fuThls- Group othor not Tanglble Cash at ¢uff•nt Creditors flxed bank and as$etsl more than assets In hand Oiabuitiul one year Tolal Unrestricled funds 132.923 651.151 (198,524) 585,550 Designated funds Restricted funds 703.343 703,343 625,525 515,656 109.869 Pension reserve As ai 31 October 2025 132,923 1.870,150 188,655) 1,914,418 Analy818 of assets bet￿en funds - Charlty Other net Tan9lble Cash at fixed bank and assetsl more than assets In hand {liabllltle8 one year Total Un￿strICted funds 132.924 41E,177 (40.5531 498.548 Designated lunds 703.343 703,343 Reslricted funds 515,656 109.869 625,525 Pension Teserve As at 31 October 2024 132.924 1.625,176 69,316 1,827,416 Produced ty Ajbwl Goodman LLP Page 42 The South Wèst Heritage Trust Notes lo the Financial Slatemenls For the Year Ended 31 October 2025 Analysis of assets between funds- Group - 2024 Other n•t Tangiblo Cash at Current Creditors fixed bank and assetsl morè than assets In hand Viabilities) one year Total UnT85tricted funds 204.042 359.741 156.679) 507.104 Designated ftjnds Restrtcted funds 579,456 579,456 272.274 114.420 386,694 Pension reseNe As at 31 October 2024 204.042 1,211.471 57,741 1,473,254 Analysls of assets between funds- Chartty- 2024 Other net Tanglble Cash at current Creditor5 fixed bank and assetsl more than in hand (liabilities) one year Total UnreslTi¢led funds 204.043 6.584 145.312 355,939 Designated fvnds Restricted funds 579.456 579,456 272.274 114,420 386,694 Pension reserve As at 31 October 2024 204,043 858,314 259.732 1,322,089 Produced by Albert Goodman LLP Page 43 The South West Heritage Trust Nol8s to the FinancHI Statements For the Year Ended 31 Qclober 2025 16 Incom• and exP￿dItUTe account of the Trust The ¢ompary has taken advanta9e of Seclth 408 of Ihe Companies Ad 20[￿ and has not *i¢luded its ¢A¥n Inctme and ExFenditure Account or separate Ststemenl of Finanual ActNities. Prior lo gift aKI ￿0￿nIS re¢enied the subsidbary. The South Vlest HeritwJe Trust has net incom& for the year of £505.32612024 - £32,846) based on irthme of £5,228,758 <2024 - £8,375,401). Gfft ald dislnbutions frcm trading subsKliary of È151,165 (2024.. £108.395) We￿ received in the year. *] vthich the ￿nOUn1 relates lo the piior year irading profits. 17 Penslon G¢)mmltments The majority of the Trusl's ernFth)yees bebng to the Local Govemmenl Pen￿On Schemes {LGPS) managed by Devon County C￿nal (-tLV) and Somerset County Cowcit rscc"). The pensron costs are assessed in accordance Tmth the a(tr￿e of independent qualif*d actuaries. The lalesl actuarial valuat#)n both LGPSS was 31 Marth 2022. At the year end there ￿[e outstanding (xthibutK)ns to the sthenw totalling £30,579 (2024.. £30,355) which are irKfuded within creditor& The s¢heme5 are fts￿d￿ defined benefft pensM)n SChen￿s, with assels held in separate Trustee- adminislraled funds. The total contributions made for the year ended 31 October 2025 were £242.000 {2024.. £247,O¢J)) of whKh emptoyerfs contritxrtK)ns lotatled £188.OtM) (2024: £188.000} and employees. contributions totalled £40.000 (2024.. £39.0(X)). The ￿rrent empk)yer eknnlributrjn rates fty future years are". Somerset County Council 19.1%